i live in indiana, im almost 16 and my aunt wants to get rid of her 00 grand am. ive got no money but i was wondering if she gave it to me would she qualify for a tax deduction? if so how much? bluebook value or some set price?|||No, you only get a tax deduction if it is donated to a organization.
Sorry to break the bad news,
good luck.|||No.
You have to donate your car to a IRS recognized 501(c)(3) charity.
Even at that, if you designate it (like to your aunt, or yourself) it is not deductible.
The amount you can claim is the amount the charity sells it for. They send you a letter. The IRS sometimes checks carefully for this, since so much "exaggerated" value was claimed in the past.|||No deduction. To get a deduction it would have to be donated to a registered charity, and you aren't.
If she donated it to a registered charity, her deduction would be what they sold it for - bluebook isn't used.|||You only receive deduction for donations to a charity. This would be a gift and is not deductible for taxes.
If car is by chance worth more than $11,000 she would actually owe a gift tax if she gave you this.|||NOPE, sorry, nice thought.
Must be donation to a charity.
Why don't you work out a payment plan with auntie? Or with parents?
Can you afford to pay the insurance and upkeep on a car??|||No, in order to receive a tax deduction for a donation it must be to a charitable organization.|||How would they know it was not donated to an organization? Make one up and say you are the representative, how will they know? Unless they have Yanswers huh:)|||No.
Only donations to charities are eligible for a tax deduction.
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